Industry Insights

The global optometry/eye examination equipment market size was valued at USD 5.5 billion in 2017. It is anticipated to witness a CAGR of 6.2% during the forecast period. Growing demand for early and accurate detection of medical conditions along with advent of advanced surgical ophthalmic devices is estimated to be one of the key trends stimulating market growth over the forecast period.

Rising incidence of ophthalmic disorders, especially glaucoma, diabetic retinopathy, and AMD is also supplementing the growth of the market. Expanding base of global geriatric population is also playing a vital role in the development of the market as aged people are more susceptible to eye related problems.

According to statistics published by the National Institute of Health in 2017, around 2.4 million population in the U.S. aged 40 and older have cataracts in their eyes and this number is expected to increase tremendously over the forecast period. This shows the potential demand for ophthalmic treatments, which will thereby boost the growth of the market. In addition, growth in private and public healthcare sectors and introduction of advanced equipment vision care practices are among the key growth stimulants for the market.

Moreover, increasing usage of contact lenses and surgical ophthalmic devices during refractive error correction surgery are providing a significant push to the market. Furthermore, high unmet medical needs in emerging economies are likely to stir up the use of modern ophthalmic devices.

Product Insights

Based on product, the market is segmented into optical coherent tomography scanners (OCT), ophthalmic ultrasound imaging, corneal topography systems, Slit lamps, tonometer, ophthalmoscopes, perimeters/visual field analyzers, fundus cameras, and autorefractors and keratometers. OCT accounted for the largest revenue share the global market in 2017. Increasing prevalence of glaucoma and scotoma are key factors contributing to the dominance of the segment. According to statistics published by the National Institute of Health, in 2017 around 2.7 million population in the U.S. aged 40 and above had glaucoma in their eyes.

Moreover, ophthalmic ultrasound imaging systems, slit lamps, and corneal topography systems are poised to witness steady growth in the coming years due to growing demand for modern ophthalmic treatments. Other ophthalmic devices include tonometer, ophthalmoscopes, perimeters/visual field analyzers, fundus cameras, and autorefractors and keratometers (phoropters).

End-use Insights

The hospitals segment accounted for the largest share in the eye examination equipment market in terms of revenue in 2017 as most numbers of ophthalmic surgeries are performed in these facilities. The statistics published by the National health statistics indicate that in May 2015 around 48,229 corneal transplants were performed in the U.S and this number is increasing remarkably every years.

However, high treatment cost in outpatient department can retard the growth of the segment over the forecast period. The clinics segment is projected to exhibit lucrative growth during the forecast period due to comparatively cheaper treatment than hospitals and also greater availability of surgeons.

Regional Insights

North America accounted for just over 43.0% of the overall market in 2017. This is due to presence of a well-developed healthcare setting for ophthalmic treatments. Moreover, presence of favorable reimbursement network and government funding are some other factors contributing to the growth of the regional market.

The market in Asia Pacific is expected to rise at a CAGR of 7.0% during the forecast period due to increasing geriatric population. Growing investments by governments and other private organizations for tackling high unmet needs in the healthcare sector in the region is likely to spur the growth of the market.

Optometry/Eye Examination Equipment Market Share Insights

The market is marked by presence of various small and large surgical and medical device manufacturing companies offering products for ophthalmic treatments. The market is competitive in nature. It is dominated by participants such as Carl Zeiss Meditec AG; Bausch & Lomb Inc.; and Johnson & Johnson Vision Care Inc. Other market participants contributing significantly are Novartis AG, NIDEK CO., LTD, Canon, and HEINE Optotechnik.

Companies are focusing on implementing strategies such as regional expansion, new product development through advanced technologies, partnership, and distribution agreements to increase their revenue share. For instance, in April 2018, Nidek launched a new business unit in Korea to expand its geographical footprint. Furthermore, in August 2017, ZEISS acquired Veracity Innovations, LLC, a cloud-based platform in an attempt to improve clinical efficiency of its products pertinent to cataract surgery.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global optometry/eye examination equipment market report on the basis of product, end-use, and region: